§31A-3-3. Hearings and orders; entry of order without notice and
hearing.

(a) Subject to the provisions of subsections (e), (f), (g) and
(h) of this section and to the provisions of subsection (j),
section twelve, article eight of this chapter, notice and hearing
shall be provided in advance of the entry of any order by the
board.

(1) Such notice shall be given to the financial institution or
person with respect to whom the hearing is to be conducted in
accordance with the provisions of section two, article seven,
chapter twenty-nine-a of this code, and such hearing and the
administrative procedures in connection therewith shall be governed
by all of the provisions of article five, chapter twenty-nine-a of
this code, and shall be held at a time and place set by the board,
but shall not be held less than ten or more than thirty days after
such notice is given. A hearing may be continued by the board on
its own motion or for good cause shown.

(2) At any such hearing a party may represent himself or be
represented by an attorney at law admitted to practice before any
circuit court of this state.

(b) After any such hearing and consideration of all of the
testimony and evidence, the board shall make and enter an order
deciding the matters with respect to which such hearing was
conducted, which order shall be accompanied by findings of fact and
conclusions of law as specified in section three, article five,chapter twenty-nine-a of this code, and a copy of such order and
accompanying findings and conclusions shall be served upon all
parties to such hearing, and their attorneys of record, if any.

(c) In the case of an application for the board's approval to
incorporate and organize a banking institution in this state, as
provided in subdivision (3), subsection (b), section two of this
article, the board shall, upon receipt of any such application,
provide notice to all banking institutions, which in the manner
hereinafter provided, have requested notice of any such action.
The request by any such banking institution to receive such notice
shall be in writing and shall request the board to notify it of the
receipt by the board of any application to incorporate and organize
a banking institution in this state. A banking institution may,
within ten days after receipt of such notice, file a petition to
intervene and shall, if it so files such petition, thereupon become
a party to any hearing relating thereto before the board.

(d) The board shall have the power and authority to issue
subpoenas and subpoenas duces tecum, administer oaths and examine
any person under oath in connection with any subject relating to
duties imposed upon or powers vested in the board.

(e) Whenever the board shall find that extraordinary
circumstances exist which require immediate action, it may
forthwith without notice or hearing enter an order taking any
action permitted by subdivisions (1), (2), (4) and (5), subsection
(b), section two of this article. Immediately upon the entry ofsuch order, certified copies thereof shall be served upon all
persons affected thereby and upon demand such persons shall be
entitled to a hearing thereon at the earliest practicable time.

(f) Whenever the board shall find that the financial condition
of a state banking institution or a national banking association
constitutes an imminent peril to its depositors, savings account
holders, other customers or creditors, it may forthwith without
notice or hearing enter an order taking any action permitted by
subdivisions (7) and (8), subsection (b), section two of this
article. Immediately upon entry of such order, certified copies
thereof shall be served upon all persons affected thereby and upon
demand such persons shall be entitled to a hearing thereon at the
earliest practicable time.

(g) Whenever the board shall find that the financial condition
of a state banking institution or national banking association
constitutes an imminent peril to its depositors, savings account
holders, other customers or creditors, it may forthwith without
compliance with the provisions of section six or seven, article
four of this chapter and without notice or hearing enter an order
approving or disapproving an application to incorporate a state
banking institution which is being formed to purchase the business
and assets or assume the liabilities of, or both, or merge or
consolidate with, such state banking institution or national
banking institution the financial condition of which constitutes an
imminent peril to its depositors, savings account holders, othercustomers or creditors. Immediately upon the entry of such order,
certified copies thereof shall be served upon all persons affected
thereby and upon demand such persons shall be entitled to a hearing
thereon at the earliest practicable time.

(h) Whenever the board shall find that the financial condition
of a state banking institution, national association or bank
holding company constitutes an imminent peril to its depositors,
savings account holders, other customers or creditors, it may
forthwith without compliance with the provisions of section five or
six, article eight-a of this chapter and without notice of hearing
enter an order approving or disapproving an application by an
existing bank holding company or by an organizing bank holding
company to acquire in whole or in part, directly or indirectly,
such state banking institution, national association or bank
holding company. Immediately upon the entry of such order,
certified copies thereof shall be served upon all persons affected
thereby at the earliest practicable time.

(i) Definitions:

(1) The term "imminent peril" means that, because the banking
institution or bank holding company is insolvent or about to be
insolvent, or there is a probability that the banking institution
will not be able to pay its debts when they become due.

(2) A banking institution or bank holding company is "about to
be insolvent" when it would be unable to meet the demands of its
depositors or is clearly unable, without impairment of capital, bysale of assets or lawful borrowings or otherwise, to realize
sufficient liquid assets to pay such debts for which payment is
likely, in the immediate future, to be due and demanded in the
ordinary course of business.

(3) A banking institution or bank holding company is
"insolvent" when it is unable to pay its debts to its depositors
and other creditors in the ordinary and usual course of business.